Thursday afternoon, Tulsa athletic director Dr. Derrick Gragg told News On 6 the move is expected to save the university $500,000 a year.
And it's part of athletic department-wide cuts.
"When you're dealing with difficult economic times you have to look at everything, in particular again,” Gragg explained. “If you're in an athletic department that isn't full[y] funded or doesn't fund itself then you have to be prepared for things like this. But this is the last thing you want to do. You never want to affect the student-athletes directly with a sports elimination."
There are six players on the roster, including a freshman from Jenks and one from Owasso.
TU says it will continue to honor their scholarships.
Head coach Bill Brogden is in his 30th season leading the Golden Hurricane, and the Tulsa program dates back to 1946.
This season has been a rebuilding one as the Hurricane has finished in the bottom quarter of every tournament, but that's not believed to have affected the decision.
TU has two events left before the conference championship in May.
The last sport the University dropped was baseball back in 1980.